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NetJets settle protection agreements with pilots union

NetJets Aviation Inc. and its pilots union have come to an agreement regarding measures to avoid layoffs as the business declines during the recession.

The steps, which include early retirement plans, reduced work hours/leaves of absence, will begin later this month at the company headquarters in Columbus.

NetJets pioneered the concept of “fractional” private jet ownership, which works like a timeshare. The company is the biggest fractional jet ownership company in the US. Last year, the company unveiled plans to build a $200 million campus at port Columbus.

The NetJets Association of Shared Aircraft Pilots was formed last year by Teamsters. The union represents the company’s 3,000 pilots. The union leaders recently drafted a letter to the members regarding the future prospects of their occupation. They tabulated plans that will protect them from being victimized by the recession, something that has affected the employees and the company.

Declines in the fractional jet ownership industry have ranged from 28 percent to 50 percent since December, according to a US-based research company.

“We have a recession … but more dangerously, it’s politically incorrect to have anything to do with private jets, thanks to this administration,” commented Mike Boyd, a Colorado-based aviation consultant. “Plan on this being the beginning of a painful cycle.”